This article was displayed on the ChosunBiz MoneyMove (MM) site at 10:52 a.m. on Jun. 17, 2026.
Hugel, whose largest shareholder is global private equity fund CBC Group, completed refinancing of its acquisition financing in the 700 billion won range. Instead of pursuing an exit such as an equity sale, it moved to overhaul its capital structure through refinancing.
According to the investment banking (IB) industry on the 17th, Hugel recently completed refinancing of acquisition financing totaling 765 billion won. The amount includes a 90 billion won revolving credit facility (RCF).
Samsung Securities solely arranged the refinancing. Market sources said multiple financial institutions expressed interest in arranging, but Samsung Securities, which succeeded in arranging refinancing when Hugel had difficulty raising funds due to litigation with Medytox in 2024, was again selected as the arranger this time. At that time, Samsung Securities arranged more than 450 billion won.
Hugel's share price has risen sharply compared with early 2024. It fluctuated between 170,000 won and 180,000 won then, but now exceeds 240,000 won. Earnings have also improved significantly. Last year, Hugel's sales on a consolidation basis were 425.1 billion won, up more than 30% from consolidated sales of 319.7 billion won in 2023. During the same period, operating profit on a consolidated basis increased from 117.8 billion won to 200.8 billion won.
Despite the share price rise and earnings improvement, Hugel chose not to carry out a recap and instead to refinance only existing borrowing fund. As a result, from the arranger's perspective, the deal is seen as highly stable given the low loan-to-value (LTV) ratio.
Hugel specializes in botulinum toxin, HA fillers, skin boosters, and medical sutures. In 2021, a consortium formed by CBC Group, GS Holdings, IMM Investment, and the United Arab Emirates (UAE) sovereign wealth fund Mubadala acquired about 47% equity for 1.7 trillion won. The equity ratio includes common shares and convertible bonds.
CBC's equity stake within the consortium's holdings is about 14%. The remaining 33% is split among GS Holdings, IMM Investment, and Mubadala.